SoFi gets regulatory approval to become a national bank | national business

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San Francisco – (BUSINESS WIRE) – January 18, 2022 –

SoFi Technologies, Inc. (“SoFi”), the digital personal finance company, today announced that the Office of the Comptroller of the Currency (OCC) and the Federal Reserve have approved its applications to become the bank’s holding company through its proposed acquisition of Golden Pacific Bancorp, Inc. , and operates its banking branch in the name of SoFi Bank, National Association. SoFi expects the acquisition to close in February, subject to the completion or waiver of the remaining usual closing conditions.

“This amazing achievement increases our ability to help more people get their money right and achieve their ambitions,” SoFi CEO Anthony Noto said:. “Through the National Bank Charter, we will not only be able to lend at more competitive interest rates and provide our members with high checking and savings benefits, but it will also enhance our financial products and services to ensure that they efficiently meet the needs of our members, business partners and communities across the country, while continuing to maintain a level High regulatory and compliance standards.This important step allows us to add to our wide range of financial products and services to better be there for our members during the major financial moments of their lives and all the moments in between.I am so proud of our team and excited about future opportunities to help more people achieve their goals. Financial independence.

Last year, in a major strategic move on SoFi’s path to obtaining a national banking charter, the company announced a definitive agreement by Social Finance, Inc. affiliate to acquire Golden Pacific Bancorp, Inc. (OTCPK: GPBI) and its wholly owned subsidiary. Golden Pacific Bank, NA (together referred to as “GPB”). SoFi plans to contribute $750 million in equity and pursue its national digital business plan while maintaining GPB’s community banking business and footprint, including GPB’s existing three branches. At the time of the announcement, SoFi submitted a revised business plan for GPB to the OCC and a request to become the bank’s holding company and to change control to the Federal Reserve for approval. After completing the acquisition of GPB, SoFi Technologies, Inc. will become (NASDAQ: SoFi) is the parent company of SoFi Bank, the national association.

About SoFi

SoFi helps people achieve financial independence to achieve their ambitions. Our borrow, save, spend, invest, and protect products give our nearly three million members quick access to the tools to get their money right. SoFi membership comes with the basic essentials moving forward, including career advisors and connection to a thriving community of ambitious like-minded people. SoFi is also a naming rights partner for SoFi Stadium, home of the Los Angeles Chargers and Los Angeles Rams. For more information, visit SoFi.com or download our apps on iOS and Android.

Disclosures

Availability of other information about SoFi

Investors and others should note that we communicate with our investors and the public using our website (https://www.sofi.com/), our investor relations website (https://investors.sofi.com), and on social media ( Twitter and LinkedIn), including but not limited to investor presentations and investor fact sheets, SEC filings, press releases, conference calls and webcasts. Information published by SoFi on these channels and sites may be considered material. As a result, SoFi encourages investors, media, and others interested in SoFi to regularly review information posted on these channels, including the investor relations website. This channel list may be updated from time to time on the SoFi Investor Relations website and may include additional social media channels. The contents of the SoFi Website or these Channels, or any other website accessible from its Website or these Channels, shall not be deemed incorporated by reference into any Deposit under the Securities Act of 1933, as amended. This material has been prepared for informational purposes only, is not intended to provide tax, legal or accounting advice and should not be relied upon. You should consult your tax, legal and accounting advisor before engaging in any transaction.

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View source copy on businesswire.com: https://www.businesswire.com/news/home/20220118006253/en/

Contact: the media

Rachel Rosenzweig

rrosenzweig@sofi.com

Investor Relations

Andrea Prosniak

aprochniak@sofi.com

Keyword: California United States North America

Industry keyword: online financial software financial advisory banking data management professional service technology

Source: SoFi Technologies

Copyright Business Wire 2022.

Published: 01/18/2022 06:01 PM / Disc: 01/18/2022 06:02 PM

http://www.businesswire.com/news/home/20220118006253/ar

Copyright Business Wire 2022.

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